Buying Florida

The Government is printing 1 trillion every 100 days, we are over 35 trillion in debt today, and we are spending 1/3 of the debt is interest payments of total revenue coming in, next year it will have 1/2. so I feel the probability of rates coming down is great at some point down the road. You can see the 10-year has come down from 5% to 3.81%, which is significant and the market is telling you th...

Paying off your mortgage earlier can save you money on interest and give you financial freedom sooner. Here are some strategies to help you achieve this goal: 1. Make Extra Payments Biweekly Payments: Instead of making one monthly payment, make half of your mortgage payment every two weeks. This results in 26 half-payments or 13 full payments each year, effectively making an extra payment annually...

Whether to get flood insurance outside of a designated flood zone depends on various factors, including your location, property value, risk tolerance, and financial situation. Here are some points to consider: Flood Risk Outside of Flood Zones: Even if you're not in a high-risk flood zone, flooding can still occur due to factors like heavy rainfall, clogged storm drains, or infrastructure fai...

Why is it that when you pull your credit scores it is usually not the same as when you have one pulled for a mortgage? Credit Karma is a great source but the scores are usually not spot on the value is that when you make payments or make changes the scores will change and a great tool to monitor the scores. Also, when you look at Discover or what you have with your bank again not the same as when...

The concepts of real estate portability and homestead are key aspects of property tax laws in some jurisdictions, notably in states like Florida. Here's an overview of each: Real Estate Portability Real estate portability, particularly in the context of Florida, refers to the ability of homeowners to transfer some or all of their accrued property tax benefits from one home to another within t...

I like to see what is available for you by getting your age and the approximate value of your home. Once we have that and go over what you may have available, we encourage you to get take the Gov't class which costs about $190. You have a 3rd party that goes over all the details of a Reverse Mortgage making sure you understand everything and it makes sense. When that is complete, I will meet...

After closing on a mortgage, many new homeowners notice a significant increase in the amount of unsolicited mail, often referred to as "junk mail." Here's why this happens and what you can expect: Why You Receive More Junk Mail Public Records: When you close on a mortgage, the transaction becomes a matter of public record. Companies that sell products and services related to homeown...

How long has it been since you have lived in your home? what did you pay for it back then and what is the value today after all of the home appreciation? Maybe it is time to call your insurance agent and ensure you have replacement coverage. Our home has been our wealth over the years and I think it is important to make sure you are well covered. tune in and learn at https://www.ddamortgage.com/bl...

VA Mortgages have no monthly PMI, they have a funding fee that goes on top of the loan and it varies from a first-time VA buyer to a second-time user if there is a certain percentage of disability then no funding fee. With an FHA Mortgage, there is an upfront funding fee of 1.75% and a .55 factor for monthly PMI. Now for Conventional Mortgages, there is no upfront funding fee only a monthly PMI an...

For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional. Now for FHA the loan limit is $498,257.  you can buy a home for $516,328 putting 3.5% down now A VA mortgage can go up to $2,000,000 with no money down. 100% financing up to $2,000,000 With the cost of everything going up, it is nice to see...

A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a more detailed explanation: Key Points of...

I learned a hard lesson on a loan last year, I had a borrower who was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson lea...

Mortgage brokers are intermediaries between borrowers and lenders, offering assistance in finding and securing mortgage loans. Here's what they typically provide: Access to Multiple Lenders: Mortgage brokers work with a variety of lenders, including banks, credit unions, and private lenders. This allows them to offer borrowers a range of options to suit their needs. Expertise and Guidance: Br...

There are two main types of FHA 203(k) loans: Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations. Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used...

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios 2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one. 3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA? So really 3  different types...

The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels is it time to refinance your home to save money and then do another refinance as a rate term when the pivot happens at some point in the future the cost of...

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available. I am seeing more and more first-time home buyers coming out now and this is information you need to know. Yes, home prices are higher...

Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the end of this year and are said to grow to 3 t...

Competitive Interest Rates: VA loans often offer competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers. Flexible Credit Requirements: VA loans typically have more flexible credit requirements compared to conventional loans, making them accessible to borrowers with less-than-perfect credit. Loan Limits: VA loans do have loan limits, which...

With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home. An opportunity to include that in the mortgage so you do not have to do the out-of-pocket expense. Maybe the home w...

You have Conventional Mortgages, FNMA/FHMC, FHA, VA, Reverse Mortgages, Bank Statement loans, DSCR, Reverse Mortgages,  and 1099 mortgages. Depending on your particular situation, could be a choice based on credit scores, income, funds to close Buying a home using Bank statements to qualify for a mortgage Buying a home using a 1099 only to qualify for a mortgage Using rental income to qualify for...

What if you refinanced your lower-rate first mortgage into a higher rate but consolidated all of your debt into one low payment. Getting rid of credit cards, car loans, installment loans, and student loans. What would your savings be a month and how much would you save? Then if property values were ever to plummet and rates came crashing down. Just go back to 2007 when we were able to refinance ev...

First-time homebuyers put down 1%, and the lender gives you 2%  towards the down payment, no strings, and no liens. You have 3% down and now work on getting the seller to pay closing costs of up to 3%. Working on a loan right now where the purchase price is $238,000,  the 1% down is $2,380 the lender is giving $4,760 and the seller is paying 6,000 of closing costs. so the remaining closing costs a...

Bridge loan to acquire, renovate, and stabilize a multifamily investment property. When the rents are under the market and the units are outdated. This program allows you to acquire a property below market value and make cosmetic upgrades to increase rents. how about capitalizing the fit-up of retail/office investment property? We also have flip-fix loans for residential. 6 to 24 months loan amoun...

Do you not tell anyone that you have one? Are there others in similar situations Spouse and has passed on, only fixed income such as social security. Are food costs going up along with Medical? It is time to get a HECM - a line of credit to help you in your later years of life, Have your children be involved and everyone learn how a Reverse Mortgage works. People have 401k's. there is equity...